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maryjane
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JAN 06, 06:15 PM
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| quote | Originally posted by maryjane:
I don't think so 88. < Crude $ will weigh the energy and it's service sector down somewhat, but the overall benefit in lower prices will buoy up the rest of the economy.
There will be some drop in steel production related to OCTG and some drop in energy exploration related financial institutions, but for the bigger picture, I don't see a national recession, tho market volatility is going to be commonplace.
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And pursuant to that--here we go. (today's WSJ)
PITTSBURGH— U.S. Steel Corp. said it will idle plants in Ohio and Texas and lay off 756 workers, becoming one of the first big U.S. industrial casualties of the recent collapse in global oil prices.
The plants make steel pipe and tube for oil and gas exploration and drilling. With oil prices more than 5½-year lows and hovering around $50 a barrel, energy companies have far less incentive to drill for new supply, reducing demand for the plant’s products.
The Lorain, Ohio operation, which will shed 614 workers, produces more than 700,000 tons a year. Houston, where 142 will be laid off, generates over 100,000 tons annually.
“The company has suddenly lost a great deal of business because of the recent downturn in the oil industry,” Tom McDermott, president of United Steelworkers local 1104 in Lorain wrote to workers, in a letter reviewed by The Wall Street Journal. “What appeared just a few short weeks ago as being a productive year, [with new hires in December and extra turns going on], has most abruptly turned sour.” The union declined further comment.
The weakness could extend beyond U.S. Steel. In the last five years, U.S., French and Chinese companies have built up millions of tons of new capacity from Ohio to Texas, lured by a resurgent American auto industry and the country’s booming oil and gas sector.
http://www.wsj.com/articles...il-prices-1420556069
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dratts
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JAN 06, 08:01 PM
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Might be time to buy US Steel stock. They cut their labor overhead at the same time their energy cost is going down. Too bad for the working guys there. Good times for the suits. I could be misreading this since I'm no expert. Don't buy the stock on my advice. I'm not.
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maryjane
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JAN 06, 09:12 PM
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They cut their labor overhead because of lesser demand for the steel pipe they were making. OCTG means Oil Country Tubular Goods=drill pipe, drill collars and casing as well as line pipe for pumping oil and gas to a collection point. I suspect their yards are full of pipe already and they have already began to get cancelled orders for more pipe.
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dennis_6
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AUG 19, 12:09 PM
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15 dollar a bbl oil?
http://money.cnn.com/2015/0...-15-kotok/index.html
After a decade of price gouging, oil may finally get back in line. This is how unregulated capitalism works. It will eventually fix the problem, but it can go decades even centuries and many people get hurt in the mean time. Something like the lamp oil gouging of old.[This message has been edited by dennis_6 (edited 08-19-2015).]
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USFiero
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OCT 07, 11:41 PM
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Ten and a half years since I started this thread. And gas prices are about the same now as they were then. At this moment. Paid $1.93/gallon yesterday.
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fireboss
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OCT 08, 02:44 AM
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the price has fluctuated quite a bit just low at present
wanna have fun
--- what the percentage of the price is federal/state/county/city taxes...and how much more it has risen or dropped since the thread started---
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dennis_6
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OCT 08, 06:37 AM
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Nowish http://www.api.org/~/media/...gasoline-tax-map.pdf
Federal is the same, states and local have risen in areas.
Now, isn't it funny how the price magically falls during a election year, so people can say gas was 2.00 a gallon when Obama was prez, or Bush, or Clinton?[This message has been edited by dennis_6 (edited 10-08-2015).]
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E.Furgal
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OCT 09, 12:29 PM
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won't stay low much longer, home heating season is here..
time to make home owners bend over
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E.Furgal
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OCT 09, 12:31 PM
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| quote | Originally posted by dennis_6:
Nowish http://www.api.org/~/media/...gasoline-tax-map.pdf
Federal is the same, states and local have risen in areas.
Now, isn't it funny how the price magically falls during a election year, so people can say gas was 2.00 a gallon when Obama was prez, or Bush, or Clinton?
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if Russia makes the middle east into a royal cluster, the us oil guys will be back to work soon
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USFiero
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JAN 25, 01:09 AM
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Buck-and-a-half per gallon.
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